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poliTicAlly exposed persons - FATF-GAFI.ORG

POLITICALLY EXPOSED PERSONS (RECOMMENDATIONS 12 AND 22) 2013 3 . I. INTRODUCTION . 1. A politically exposed person (PEP) is defined by the Financial Action Task Force (FATF) as an individual who is or has been entrusted with a prominent public function. Due to their position and
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FFIEC Home Page

The Council is a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions by the Board of Governors of the Federal Reserve System (), the Federal Deposit Insurance Corporation (), the National Credit Union Administration (), the Office of the Comptroller of the Currency (), and the Consumer Financial ...
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PEP question on online consumer application? | BSA/AML

PEP question on online consumer application? Manager at a bank ($1.9B USA) Do you ask if a consumer applicant is a PEP on your online account application? June 11, 2019. Reply 5 Thanks! Subscribe. BSA/AML; VP at a bank ($205M USA) We currently do not, but I just attended a BSA Conference and that question was specifically addressed.
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What is a Politically Exposed Person (PEP)? - Accuity

In order to ensure your organisation fully complies with the latest financial PEP regulations, it is essential that you and your team are aware of who or what a Politically Exposed Person (PEP) could potentially be. Providing a definitive list of who could be classed as a PEP is difficult, as the criteria is so broad; international definitions vary and the Financial Action Task Force (FATF) is ...
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Retail Payment Systems - FFIEC IT Examination Handbook ...

The Information Technology Examination Handbook InfoBase concept was developed by the Task Force on Examiner Education to provide field examiners in financial institution regulatory agencies with a quick source of introductory training and basic information. The long-term goal of the InfoBase is to provide just-in-time training for new regulations and for other topics of specific concern to ...
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Customer Due Diligence: The Fifth Pillar of BSA/AML ...

 · It’s official: The fifth pillar of Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance is now fully in effect. The May 11, 2018, deadline for implementation has come and gone. New Customer Due Diligence (CDD) and beneficial ownership exam procedures have been published by the Federal Financial Institutions Examination Council (FFIEC).[1] Guidance has also been …
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Politically exposed person - Wikipedia

Definition by the Financial Action Task Force on Money Laundering. While there is no global definition of a PEP, most countries have based their definition on the 2003 Financial Action Task Force on Money Laundering (FATF) standard, as for example the Swiss financial market regulator in 2011, which quoted it as "the international standard" or the Australian government in 2015.
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Politically Exposed Persons: Tips for How Financial ...

PEP Monitoring While privacy once was the "cause celeb," after 9-11 national security suddenly became more important than privacy, says Alan Abel, CPA and Executive Global AML Practice Leader at ...
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Politically exposed persons (PEPs) | AUSTRAC

 · Politically exposed persons (PEPs) A PEP is an individual who holds a prominent public position or role in a government body or international organisation, either in Australia or overseas. Immediate family members and/or close associates of these individuals are also considered PEPs.
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All Politically Exposed Persons are Local - ACAMS Today

 · Defining domestic PEPs is a rather rudimentary procedure. Since one nation’s foreign PEPs mirror another nation’s domestic PEPs, the same FFIEC definition could be applied, substituting the different titles nation’s use (secretary as opposed to minister for example). Defining a senior level political figure is also fairly straightforward.
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FFIEC BSA/AML Risks Associated with Money Laundering and ...

Evaluate the adequacy of the policies, procedures, and processes given the bank's PEP accounts and the risks they present. Assess whether the risk-based controls are adequate to reasonably protect the bank from being used as a conduit for money laundering, corruption, and terrorist financing. 2. Review the procedures for opening PEP accounts.
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FFIEC IT Examination Handbook InfoBase - Glossary

The Information Technology Examination Handbook InfoBase concept was developed by the Task Force on Examiner Education to provide field examiners in financial institution regulatory agencies with a quick source of introductory training and basic information. The long-term goal of the InfoBase is to provide just-in-time training for new regulations and for other topics of specific concern to ...
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PEPs and anti-money laundering: The FCA issues guidance ...

 · PEPs and anti-money laundering: The FCA issues guidance ... by its business relationship or transactions with a PEP, or a family member or known close associate of a PEP. ... positions as PEPs and ...
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Best Practices for Monitoring Politically Exposed Persons

The frequency of those false positive matches will only increase depending on the scope of the domestic PEP filter; some “enhanced” filters include not only domestic political figures but also their family members and associates, mirroring the definition of a foreign PEP in the FFIEC manual.
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Enhanced Due Diligence: Guidelines and Checklist | SumSub.com

If the customer is a Politically Exposed Person (PEP), their family members or known associates. Presence of nominee shareholders or shares in the company’s bearer form. Cash-intensive businesses. The level of risk is regulated by the AML policies of each company as well as local regulations. There are limits to the amount of daily cash ...
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Advisory on Human Rights Abuses Enabled by Corrupt Senior ...

 · protect the U.S. financial system from foreign PEP facilitators’ illicit use, this advisory highlights a number of typologies used by foreign PEP facilitators to access the U.S. financial system and to obscure and launder the illicit proceeds of high-level political corruption. Appendix 1 provides
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AML KYC Periodic Reviews and Renewals for Low, Medium, and ...

AML KYC Periodic Reviews and Renewals (Low, Medium, and High-Risk Clients) Financial regulators require banks and non-banking financial institutions to perform AML KYC due diligence when onboarding a new customer and also on a periodic basis (6-12-18-24 years) throughout the life of the relationship.
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What “Negative News” Should Mean to Current AML and ...

 · The Definition of Negative Information When hearing the term “negative news” most AML professionals imagine newspaper articles reporting information about local, national or international crime. Searching for and finding such news articles is essential for strong AML compliance.
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FDIC: FIL-6-2001: Financial Institution Letters: New Money ...

B. Definition of Covered Person For the purposes of this Guidance, a "Covered Person" is a person identified in the course of normal account opening, maintenance or compliance procedures to be a "senior foreign political figure," any member of a senior foreign political figure's "immediate family," and any "close associate" of a senior foreign ...
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Politically Exposed Persons (PEP) | ComplyAdvantage

A politically exposed person (PEP) is an individual with a high profile political role, or who has been entrusted with a prominent public function. PEPs represent a higher risk for financial institutions and Designated Non-Financial Businesses and Professions (DNFBPs) because they are more likely to become involved in financial crimes like ...
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FFIEC BSA/AML Risks Associated with Money Laundering and ...

PEP accounts are not limited to large or internationally focused banks. A PEP can open an account at any bank, regardless of its size or location. Banks should have risk-based procedures for identifying PEP accounts and assessing the degree of risks involved, which will vary. Management should be involved in the decision to accept a PEP account.
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Politically Exposed Persons - FAQs - Accuity

There are many definitions of who or what is a PEP, if you look at Financial Action Task Force (FATF) 40, the EU 3rd AML Directive or the USA Patriot Act. Regulated entities are ultimately responsible for determining if their clients fall under the local PEP definitions for their respective geographies.
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PwC discusses AML Global Alignment: Two Steps Forward, One ...

 · First, the FFIEC manual provides a less specific PEP definition to allow for differences in the prominence of a specific public office between jurisdictions. Second, the FFIEC manual distinguishes between foreign and domestic PEPs, subjecting foreign PEPs to a higher level of scrutiny.
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FDIC: Risk Management Training Program

Risk Management Training Program Examination Management School Program Overview. Examination Management School is designed to evaluate and enhance a participant’s technical and analytical examination knowledge, as well as communication and professionalism skills.
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Wolfsberg Guidance on Politically Exposed Persons (PEPs)

2. Definition of a PEP There is no single, globally agreed definition of a PEP. In formulating this guidance, consideration was given to the standards issued by internationally-recognised bodies. Local or regional regulations may differ in respect of particular elements of the PEP definition and should be considered by an FI when
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FDIC: Bank Secrecy Act and Anti-Money Laundering

Federal Deposit Insurance Corporation Each depositor insured to at least $250,000 per insured bank
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Enhanced Due Diligence Process for High-Risk Clients ...

Most financial services firms review their high-risk clients every six months or on an annual basis. In addition to periodic EDD reviews, firms also have ongoing or real-time AML monitoring programs in place to monitor transactions for low, medium, and especially high-risk customers. Automatic High-Risk Clients.
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